2020 - sullivancotter

Survey data effective January 1, 2020

Endowment and Foundation Investment Staff Compensation Survey Report

© 2020 SullivanCotter, Inc. All rights reserved.200 W. Madison Street, Suite 2450Chicago, IL 60606-3416

2020

2020

ENDOWMENT AND

FOUNDATION

INVESTMENT STAFF

COMPENSATION

SURVEY REPORT

Survey data effective January 1, 2020

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vi

TABLE OF CONTENTS

TABLE OF CONTENTS

Section

I Introduction ……………………………………………………………………………………………………… 2

II Characteristics of Survey Participants ……………………………………………………………………………………………………… 6

Survey Participants ……………………………………………………………………………………………………… 6

Characteristics ……………………………………………………………………………………………………… 8

Organization Classification ……………………………………………………………………………………………………… 8

Assets Under Management ……………………………………………………………………………………………………… 8

Staffing ……………………………………………………………………………………………………… 9

III Trends and Design Practices ……………………………………………………………………………………………………… 11

Base Salary Trends ……………………………………………………………………………………………………… 11

Incentive Plan Design ……………………………………………………………………………………………………… 12

IV Total Cash Compensation by Position ……………………………………………………………………………………………………… 16

Chief Investment Officer ……………………………………………………………………………………………………… 16

Managing Director ……………………………………………………………………………………………………… 18

Investment Director ……………………………………………………………………………………………………… 20

Investment Manager ……………………………………………………………………………………………………… 22

Investment Associate ……………………………………………………………………………………………………… 24

Investment Analyst ……………………………………………………………………………………………………… 26

Managing Director/Director, Investment Operations ……………………………………………………………………………………………………… 28

Investment Operations Manager ……………………………………………………………………………………………………… 30

Investment Operations Analyst ……………………………………………………………………………………………………… 32

Appendix

A Position List and Summaries ……………………………………………………………………………………………………… A-2

B Terms and Definitions ……………………………………………………………………………………………………… A-5

C About SullivanCotter ……………………………………………………………………………………………………… A-9

viii

SECTION I:

INTRODUCTION

INTRODUCTION

SullivanCotter, Inc. (SullivanCotter) is pleased to present the 2020 Endowment

and Foundation Investment Staff Compensation Survey Report, now in its

seventh edition. Survey participants submitted data from January 2020 to

February 2020. Data were submitted by 52 colleges and universities, private

foundations and other not-for-profit organizations across the United States.

Compensation data reflect 344 incumbents. The survey participants are listed in

section II.

SullivanCotter ensures that all organization-specific data remain strictly confidential. While individual organization

names appear in the survey participant list, no correlation to an organization's data is provided.

The data are effective as of January 1, 2020.

The trends and design practices section is only available to survey participants who completed the

corresponding section of the 2020 Endowment and Foundation Investment Staff Compensation Survey.

Survey participants who did not complete this section receive a survey report excluding the trends and

design practices section.

For more information on the full report, including how to purchase any additional sections, contact the

Center for Information, Analytics and Insights at [email protected].

This report is organized into four sections:

Section I presents general information regarding this survey report.

Section II lists the survey participants and presents general survey participant characteristics.

Section III presents trends and design practices.

Section IV presents total cash compensation (TCC) for positions by organization type and asset category as

well as incumbent characteristics such as assets under management, years of related experience, years in

current position, the percentage of incumbents with a chartered financial analyst (CFA) designation and the

percentage of incumbents in a position that is incentive eligible.

The supplemental Excel file Endowment and Foundation Investment Staff Compensation Survey Report Data

Table Results (included as part of the survey report) is available via online download from the SullivanCotter

Client Portal. For more information on how to access the file, contact the Center for Information, Analytics and

Insights by email at [email protected].

P 2 SECTION I


© 2020 SullivanCotter, Inc. All rights reserved.

http://www.sullivancotter.com/surveys/endowment-foundation-investment-staff-compensation-survey.

INTRODUCTION

The following guidelines are used in this report:

● Data that are insufficient to include in the report are noted in tables as isd. Conditions for insufficient data

include the following:

– When fewer than five organizations provided data.

– For the 90th percentile, when data were provided for fewer than 10 incumbents.

– When one organization represented more than 25% of the sample.

● All compensation data are annualized and displayed in thousands unless otherwise noted.

● In section IV, n denotes the number of incumbents included for the reported statistic.

● Participant counts (n) listed are based on the number of organizations that responded to each corresponding

question unless otherwise noted.

Questions and comments about this survey report should be directed to the following individuals:

P 3 SECTION I



SECTION II:

CHARACTERISTICS

OF SURVEY

PARTICIPANTS

SURVEY PARTICIPANTS

SURVEY PARTICIPANTS

COLLEGE AND UNIVERSITY ENDOWMENTS PRIVATE FOUNDATIONS

Amherst College Casey Family Programs

Baylor College of Medicine Conrad N. Hilton Foundation

Baylor University Ewing Marion Kauffman Foundation

Bowdoin College Ford Foundation

Brandeis University J. Paul Getty Trust

Bucknell University Margaret A. Cargill Philanthropies

California Institute of Technology The Andrew W. Mellon Foundation

Carleton College The Harry and Jeanette Weinberg Foundation

Colby College The James Irvine Foundation

Davidson College The Kresge Foundation

Emory University The William and Flora Hewlett Foundation

Grinnell College W.K. Kellogg Foundation

Hamilton College

Macalester College OTHER NOT-FOR-PROFIT ORGANIZATIONS

New York University

Northwestern University Ascension Investment Management

Pomona College Children's Health System of Texas

Swarthmore College Cook Children's Health Care System

University of Minnesota Howard Hughes Medical Institute

University of Wisconsin Foundation Inova Health System

Wellesley College Kamehameha Schools

Wesleyan University Mayo Clinic

Williams College Memorial Sloan Kettering Cancer Center

Mount Sinai Health System

NewYork-Presbyterian

Partners HealthCare

Texas Children's Hospital

The Children's Hospital of Philadelphia

The Queen's Health Systems

UPMC

Van Andel Institute

Wisconsin Alumni Research Foundation


© 2020 SullivanCotter, Inc. All rights reserved. P 6 SECTION II

CHARACTERISTICS

CHARACTERISTICS

ORGANIZATION CLASSIFICATION

TABLE 2.1 – Organization Type

ASSETS UNDER MANAGEMENT

TABLE 2.2 – Organization Distribution by Assets Under Management

TABLE 2.3 – Total Assets Under Management

TABLE 2.4 – Mean Percentage of Assets Allocated to Traditional and Alternative Investments

Private Foundation 23%

n = 52

Organization Distribution by Assets Under Management

Asset Category Percentage

Organization Type

Type Percentage

College or University Endowment 44%

Other Not-for-Profit Organization 33%

$1.5 Billion and Under 21%

n = 52

Total Assets Under Management(1)

Segment n Mean Median

$6 Billion and Over 29%

$3 Billion to $7 Billion 19%

$1 Billion to $4 Billion 50%

Private Foundations 12 $6.2 $6.7

Other Not-for-Profit Organizations 17 $8.8 $3.9

By Organization Type

All Organizations 52 $5.4 $2.8

College and University Endowments 23 $2.5 $1.7

By Asset Category

$6 Billion and Over 15 $13.2 $10.9

$3 Billion to $7 Billion 10 $4.6 $4.2

(1)Assets under management are displayed in billions.

Mean Percentage of Assets Allocated to Traditional and Alternative Investments

Investment Type Percentage

Traditional Investments(1) 50%

$1 Billion to $4 Billion 26 $2.4 $2.4

$1.5 Billion and Under 11 $0.9 $0.9

Alternative Investments(2) 50%

n = 39(1)

Traditional investments are investable assets characterized by high correlation to market indices and high liquidity such as stocks, bonds and cash.(2)

Alternative investments are investable assets characterized by low correlation to market indices and reduced liquidity such as private equity, hedge funds and

investments that cannot be accessed through traditional fixed income and equity markets.

P 8 SECTION II



CHARACTERISTICS

STAFFING

TABLE 2.5 – Mean Number of Investment Office Staff

Mean Number of Investment Office Staff

Segment nInvestment

Staff

Operations

StaffTotal Staff

College and University Endowments 13

Operations-to-

Investment-Staff

Ratio

By Organization Type

All Organizations 41

Other Not-for-Profit Organizations 16

Private Foundations 12

$3 Billion to $7 Billion 9

By Asset Category

$6 Billion and Over 15

$1.5 Billion and Under 5

$1 Billion to $4 Billion 20

P 9 SECTION II



SECTION III:

TRENDS AND

DESIGN PRACTICES

TRENDS AND DESIGN PRACTICES

BASE SALARY TRENDS

TABLE 3.1 – Year-Over-Year Increase in Base Salary

TABLE 3.2 – Increase in Base Salary as a Result of Promotional Increase

Year-Over-Year Increase in Base Salary(1)

Position n Incumbents 25th Percentile Mean Median 75th Percentile

All Positions 246

Chief Investment Officer 38

Managing Director 56

Investment Director 44

Investment Manager 23

Investment Associate 17

Investment Analyst 20

Managing Director/Director, Investment Operations 13

Investment Operations Manager 14

Investment Operations Analyst 21

n Incumbents = 31

(1)The percentage increase was calculated at an incumbent level for individuals in the same position year over year and includes those incumbents who did not

receive a base salary increase.

Increase in Base Salary as a Result of Promotional Increase

Mean Median

P 11 SECTION III



SECTION IV:

TOTAL CASH

COMPENSATION BY

POSITION

TOTAL CASH COMPENSATION BY POSITION

CHIEF INVESTMENT OFFICER

TABLE 4.1 – Chief Investment Officer – Incumbent Characteristics by Organization Type

TABLE 4.2 – Chief Investment Officer – TCC by Organization Type

Chief Investment Officer – Incumbent Characteristics by Organization Type

Organization Type

Assets Under

Management(1)

Years of Related

Experience

Years in Current

Position

With CFA

Designation

Incentive

Eligible

n Median n % EligibleMedian n Median n % With n

45

Private Foundations 13 12 13 9 12

All Organizations 50 43 40 32

16

(1)Assets under management are displayed in billions.

11 17

Other Not-for-Profit

Organizations16 12 15

College and University

Endowments21 19 12

12

All Organizations

Base Salary 48 50

Chief Investment Officer – TCC by Organization Type

Compensation n Orgsn

Incumbents

25th

PercentileMedian

75th

Percentile

90th

Percentile

Maximum Incentive as a Percentage of Base Salary 35 37

Target Incentive as a Percentage of Base Salary 35 37

Target TCC 35 37

Actual TCC 35 36

Private Foundations

Base Salary 12 13

Maximum TCC 35 37



isd

Target TCC 10 11

Actual TCC 9 9

College and University Endowments

Base Salary 21 21

Maximum TCC 11 12



Target TCC 10 10

Actual TCC 14 14

Other Not-for-Profit Organizations

Base Salary 15 16

Maximum TCC 10 10



Target TCC 15 16

Actual TCC 12 13

Maximum TCC 14 15

P 16 SECTION IV



APPENDIX A:

POSITION LIST AND

SUMMARIES

POSITION LIST AND SUMMARIES

INVESTMENT POSITIONS

7026 Chief Investment Officer

7073 Managing Director

7074 Investment Director

7106 Investment Manager

7107 Investment Associate

7108 Investment Analyst

7109 Managing Director/Director, Investment Operations

7265 Investment Operations Manager

7266 Investment Operations Analyst


© 2020 SullivanCotter, Inc. All rights reserved. P A-2 APPENDIX A

APPENDIX B:

TERMS AND

DEFINITIONS

APPENDIX C:

ABOUT

SULLIVANCOTTER

ABOUT SULLIVANCOTTER

SullivanCotter partners with health care and other not-for-profit organizations to

drive performance and improve outcomes through the development and

implementation of integrated workforce strategies. Using our time-tested

methodologies and industry-leading research and information, we provide

data-driven insights and expertise to help organizations align business strategy

and performance objectives – enabling our clients to deliver on their mission,

vision and values.

For more information, visit www.sullivancotter.com or call 888.739.7039.

SullivanCotter has offices in Atlanta, Boston, Chicago, Denver, Detroit,

Eau Claire, Minneapolis, New York, Parsippany, Philadelphia, Pittsburgh and

San Francisco.


© 2020 SullivanCotter, Inc. All rights reserved. P A-9 APPENDIX C

2020 - sullivancotter

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